22nd BoD meet of SFC held

Jammu, Feb 15: The 222nd meeting of  Board of Directors of State Finance Corporation (SFC),  chaired by Minister for Finance and Ladakh Affairs,   A.R. Rather here today,  approved the Revival cum Business Plan for the Corporation. The Plan was submitted by a 3 members committee constituted by the Board earlier for the purpose.
 The Board decided to rejuvenate the Corporation for playing its enshrined role in the development of the State. The Board stressed the need for restructuring the organization in a professional manner to make it multi tasking and cost cutting institution so that the State is brought on the industrial map of the country.
 The Minister assured every possible support to the Corporation to make it financially sound and profit making institution. He said that the Corporation has a great role to play as an agency to support the entrepreneurs at gross roots level. He said that till 90s, the Corporation enjoyed a very good position in the State finances and was at top compared to other States, adding “we have to restore its original position by enhancing its performance”.
 Rather said that Small Industrial Development Bank of India (SIDBI)  has always come to the rescue of the State and financed the PSUs in  a big way. He urged the SIDBI to again play a pro-active role viz- a-viz, J&K SFC keeping in view the circumstances in which the State has been passing through from the past two decades.  
 The Managing Director of the Corporation,   A.R. Makroo, earlier, gave a resume of activities undertaken by the Corporation for the development of the State. 
 The Board also reconstituted management, audit and other committees for speedy decision making and timely policy direction to the management of the Corporation.
 Economic  Advisor to the Government,   Jalil Ahmed Khan, Commissioner/ Secretary Finance,   Sudhanshu Pandey, Chief General Manager, SIDBI,   K.G. Allai, noted Economist, Dr. Nisar Ali, Syed Shakeel Kalandar, President Chamber of Industries, Kashmir,   M.K. Chopra,   Akhil Chopra and   R. C. Koul participated in the meeting.

Lastupdate on : Mon, 15 Feb 2010 21:30:00 Makkah time
Lastupdate on : Mon, 15 Feb 2010 18:30:00 GMT
Lastupdate on : Tue, 16 Feb 2010 00:00:00 IST